Sensex slumps 416 points, ` settles 3 paise down at 71.11
Mumbai: Market benchmarks tumbled from record highs to close deep in the red on Monday as investors booked profits in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and TCS following their quarterly results.
After hitting a record intra-day high of 42,273.87, the 30-share BSE Sensex gave up all gains to settle 416.46 points, or 0.99 per cent, lower at 41,528.91.
Likewise, the broader NSE Nifty sank 127.80 points, or 1.03 per cent, to 12,224.55. It hit a record intra-day high of 12,430.50 in early session.
Kotak Mahindra Bank was the biggest laggard in the Sensex pack, dropping 4.70 per cent, after the lender reported a rise in non-performing assets in Q3.
Reliance Industries, HDFC Bank and TCS fell up to 3.08 per cent after the companies reported their quarterly earnings over the weekend.
On the other hand, PowerGrid was the top gainer, rising 3.75 per cent, followed by Bharti Airtel, ITC, Asian Paints, ICICI Bank and L&T.
According to traders, domestic investors were seen booking profits at record levels.
BSE energy, bankex, oil and gas, finance, metal, IT and auto indices fell up to 2.67 per cent, while telecom, realty, utilities and power rose up to 1.89 per cent.
Broader BSE midcap and smallcap indices lost up to 0.57 per cent.
World markets maintained their upward trend as investors digested earnings and macroeconomic data.
Bourses in Shanghai, Tokyo and Seoul ended higher, while Hong Kong closed in the red.
European markets were trading on a negative note in their early sessions.
Brent crude oil futures rose 0.66 per cent to $65.28 per barrel on supply concerns after exports from Libya were blocked after a pipeline was shut down by armed forces and a strike at a key oil field in Iraq hit output.
The rupee slipped 3 paise to close at 71.11 against the US dollar on Monday, tracking a steady rise in crude oil prices and weakness in domestic equities.